Do you need to audit your financial statements?
Audit of Financial Statements and Consolidated Financial Statements and other auditing services is performed in accordance with International Auditing Standards issued by IFAC, the Auditor's Act, the Code of Ethics for Auditors and other regulations issued by the Slovak Chamber of Auditors (SKAU).You can contact our headquarters in Bratislava, which has been offering auditing services since 1993. We offer these services not only in Bratislava but also throughout Slovakia.
What is statutory audit and assurance services?
Under Section 2 (1) of Act no. 540/2007 Z.z. Auditing and Supervision of the Audit (hereinafter the "Act"), audit is defined as verification of the individual financial statements or consolidated financial statements and the verification of the compliance of the individual annual report with the individual financial statements or the compliance of the consolidated annual report with the consolidated financial statements.
Paragraph 15 of the Act mentions what are the assurance and related audit services that can be provided by an auditor or an audit firm. They are the provision of services under the International Auditing, Assurance and Ethics Guidelines (hereinafter referred to as "International Auditing Standards"). The Audit Firm and the Auditor may, in accordance with Section 21 4) of the Act also provide non-audit services, such as bookkeeping, accounting system analysis, economic and financial consultancy, etc. Auditors and audit firms are subject to Audit quality assurance review done by the Chamber of Auditors.
Audit of Financial Statements and Consolidated Financial Statements and other auditing services is performed in accordance with International Auditing Standards issued by IFAC, the Auditor's Act, the Code of Ethics for Auditors and other regulations issued by the Slovak Chamber of Auditors (SKAU).
AUDITING SERVICES (Assurance Services)
FTM AUDIT mainly provides these audit services (Audit, Assurance and Related Audit Services). The assurance services are Audit under ISA (International Standards on Auditing), Review under ISRE (International Standards on Review Engagements - ISRE 2400, 2410) and Assurance Services other than audit under ISAE (ISAE 3000, 3400, 3402, 3410, 3420) . We also provide other related services under ISRS (International Standards on Related Services, ISRS 4000, 4410)Statutory audit
Statutory audit of individual financial statements or consolidated financial statements. This audit is a classical audit of the financial statements.
Tax Audit
We will review your taxes, income tax and VAT.
Audit of double entry accouting
We will control and audit your double entry bookkeeping to make sure that everything is done according to the law and that the accounting processes are efficient.
Assurance services other than audit and other related services
Audit, control or other assurance services - certain areas of double-entry, single-entry accounting, tax, etc., according to ISRE 2400, 2410, ISAE 3000, 3400, 3402, 3410, 3420 and related services according to ISRS 4000, 4410.
Annual Report Audit
Auditing the Annual Report and the Consolidated Annual Report and verifying the compliance of the Annual Report with the Financial Statements.
Consolidated Financial Statements
Preparation of the consolidation package for the mother company.
Audit price
The most common audit questions
What is the Audit of Financial Statements?
The law mandates certain companies to have their financial statements audited by an independent auditor. Basically, the auditor controls the accounting of the company, if it complies with the law and reporting standards. Auditor issues an auditors report expressing the opinion on the financial statements.
How do I prepare for the first audit of the financial statements?
The company does not need to prepare for the Audit.
When do we perform auditing services?
Audit services are performed throughout the year. Clients have enough time to fix the errors found during the audit. Depending on when we make the audit we distinguish: continuous audit - we perform it during the year, end-of-year audit - we perform it at the end of the year, before and after the financial statements are prepared.
What is done during the audit of the financial statements?
Auditors perform the series of procedures and tests to obtain audit evidence about amounts and disclosures in the financial statements, verify the internal control system, adhere to the rules, evaluate the appropriateness of accounting policies used and accounting methods, reasonableness of accounting estimates, and overall presentation of the financial statements.
Audit process
Audit process in some major steps.Receipt of the contract
Assessing the ability of the audit firm to execute the Audit based on consideration of the following factors: entity specifics, audit firm characteristics. Checklist for accepting the audit engagement and the audit agreement. Basically, if the audit firm has enough skills to accept the offer.
Risk assessment
A thorough understanding of the entity, including its internal control, to identify and assess the risks of material misstatement at the level of the financial statements and at the level of the assertion. Develop an overall audit strategy and audit plan, highlight the link between the identified risk of material misstatement at the assertion level and the planned audit procedures. The auditor shall determine the nature, timing and scope of audit procedures (both the tests of controls and the underlying procedures). Preliminary analytical review, overall audit strategy and audit plan, materiality and materiality for execution.
Response to risk
Design of Tests to be Performed by Auditor (Tests of Controls and Substantive Procedures) to enable it to reasonably ascertain whether the financial statements are free from material misstatement. Analytical sheets.
Final Evaluations and Reports
Summary of the conclusions and findings of the auditor, including the results of the tests of controls and of the underlying procedures. Final audit form, (including continuous business continuity, events after the date of the financial statements and disclosure of the persons mandated by the management), Auditor's Report and Final Summary Memorandum (including the continuation of the contract work).
